bob pisani joins me. comeback in the market given the statements from jim o'neal earlier in the morning that this is a biggie and could have ripple effects over europe. i'm impressed that the market came back so much. >> the important thing is, let's put up the dow again. one of the reasons that we were moving up off of our lows is that money was coming out of europe and into the u.s. stock market. i'm sure some of it did. the important thing is after the market closed, europe closed around 12:30 eastern time. we held up very well. we're just off our highs. we were for a second positive just fractionally in the dow industrials. look at the major sector, sue, slightly more defensive. so telecom and utilities and consumer staples. look at the financials, sue. they were down more than 1% as a group but now only only fractionally if you look at the big banks, citi group has significant exposure to europe. the regional banks are all just down fractionally today. the dow stocks are up, big international names.

we're going to start with bob pisani. risk seems to be back on in the market a little bit. >> that's a good point. for a long time the bears have been insisting that the global economy is not as healthy as this teflon stock market in the

we're going to start with bob pisani. risk seems to be back on in the market a little bit. >> that's a good point. for a long time the bears have been insisting that the global economy is not as healthy as this teflon stock market in the united states would indicate, and now they've got some ammunition. two companies from fed ex and from caterpillar. now, caterpillar had dismal three-month sales numbers. really shocked a lot of people. fed ex, of course, had disappointing earnings situation, lower than expected international volume. now people are saying, see, we told you. here are who big companies who are saying it's not as big as everybody said. deere got a downgrade from wells fargo. i'll talk more about that in the 2:00. a little bit of good news on housing. keeps rolling along. lenore, 34% increase in building. >> we'll see you back in a few minutes. ty, we'll send it back up to you. >> thank you very much. bob just gave you a very clear shot at the market picture, so what's driving it? well, obviously three develop

bob mentioned oracle being a drag on techs. let's go up to the nasdaq where seema is following the big movers. >> i'll get to oracle in a second. take a look at apple. this stock continues to move in the opposite direction of the markets. i'm calling it the rebel in tech. yesterday we saw tech shares outperform, but apple did not participate in the rally. today we're seeing somewhat of a selloff in tech. and hey, take a look at apple. shares outperforming the pack, up about 1% on the day. gray wolf says i'd rather own apple than the s&p 500 at these levels. we'll continue to watch shares of apple. tech, one of the worst performing sectors on the day. oracle partly due to that. worrying investors on the street. a decline in software sales and subscriptions. jabil circuit, another loser after its forecasts were short of expectations and cisco lower on a downgrade. sue, back to you. >>> we're down 85 points now on the dow jones industrial average. perhaps some of that money is seeking the bond market. let's find out. rick santelli

bob pisani is here to tell us what is going on. there's a lot of headline risk in the market today. >> and we're back moving on europe now. >> exactly. given 38 to the downside is not that bad. >> even europe is not reacting that much. let me show you the euro. everyone goes crazy talking about the euro. perhaps the finance minister may be resigning, we're trying to confirm that for sure. that's what we've been hearing. and on words that the governing body there, the party of the majority may not even vote on the vote itself. the euro dropped. so the dow jones industrial dropped on that news. in fact, put up the dow, you can see it's in parallel and you can take a look now at the two main etfs here. the u.s. stock market, total market, etf, you can buy that. there is ivv. they are moving in tandem here. people ask me, gee, why is this happening? i'll put it simply, right now the ecb and imf have it. if they don't pay a tax, 85.8 billion euros, they are going to stop providing assistance to the banks. they will provide assistance, n

bob mentioned the financials. what can happen in europe might eventually happen here in the united states. >> i don't suspect it really koul could happen but it gives investors an excuse to be cautious and take things off the table. we went right to the high and ran right into resistance. again, it gave people a chance to say let me take some money off the table and see where it goes. it's st end of the month. we will go into thursday with a little more to the upside but i don't think we're breaking any highs this week. >> if it really reflects european policy -- >> that's the big question. >> this is a victory for the moral hazard crowd. people claiming that endless bailouts are just wrong. but it introduces a whole new can f worms. >> it doesn't put the issue to sleep. only continues to bring it to the surface. >> what do you bring to the markets today? >> i think the market will end lower. it will churn all day and end here. there is no sense of panic but no reason to go out and buy new. it will -- we are stuck

bob pisani is here on the floor of the nyse with some of the trading action. so yesterday we were down triple digits, today up triple digits. >> with the s&p up seven points, dow up 70, you would think we would have all the market leaders, but the tone is fairly defensive. utilities moving up, consumer staples, all market leaders, the finances are really the laggard here. tech is also not as strong as the overall market. no sign of pulling out of bonds. this story is going no where are. bond etfs have had inflows four straight days, including some of the corporate bond etfs. four straight days to the upside. retail stocks have been a bit weak today, so noticeable declines. gap, chico's and american eagle, look at those declines here. i think this is related to the consumer confidence number. put up the retail etf, you can buy all of these stocks in a single etf, you see how it dropped right after 10:00. i think that is the problem. some concerns about slower traffic in march. finally gaming, atlantic city declared bankruptcy. the big competitor is borgata, own

let's see what the mood of bob pisani is as we go positive for the week. >> the important thing is 14,514. believe it or not. keep on going on either side. need to be over 14,514. the worst week of the year. goes to show you how great it's been for the year that we're basically flat and this is the worst week of the year. take a look at some of the shipping stocks. i've been asked about why they are all up. shipping stocks have been destroyed in the last year, but they are all rallying, a conference here in new york today and yesterday there was a lot of talk about demand for particularly oil transports. ships might be improving, the pricing might be going up and even some of the guys who do dry bulk shipping like dry ships are on the upside. a very tough call, but they are moving on a lot of speculation right now. meantime we've got five trading days left in the quarter, and look at this. the dow is up double digits. still an indication of how strong things are, that we're considering this a very disappointing week and by and large flat. >> on a day like today. you need the analysis of t